Forex News Roundup for 20th June, 2023

My FX List
June 20, 2023
  • Asian stock markets have experienced a subdued start to the week, with significant declines, as news broke that there will be no immediate Chinese monetary stimulus. The Hang Seng Index and the Nikkei 225 Index both concluded the day with over a 1% decrease. Meanwhile, US stock index futures have registered a minor decline, but their movement is expected to be limited today owing to the US exchange holiday.
  • On Friday, cocoa futures climbed once more, attaining a closing price that marked a new seven-year high.
  • The Forex market has displayed limited fluctuations, particularly during the Asian session. Among the major currencies, the Australian Dollar has been identified as the weakest, while the US Dollar has emerged as the strongest, drawing focus to the AUD/USD currency pair.
  • Traders who follow trends are likely to seek out long trades in the USD/JPY currency pair, which recently broke a seven-month high above ¥141 by the end of the previous week. Moreover, the GBP/USD currency pair achieved a new one-year high price on Friday. The Japanese Yen is expected to continue experiencing a sustained weakness in the long run.
  • The United States has taken Japan off its Currency Monitoring List.
  • The Swiss National Bank (SNB) is anticipated to implement another interest rate hike, with market participants divided between the possibility of an assertive 0.50% increase or a more moderate 0.25% raise.
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